Market Highlights: Sensex ends at new high, surges 446 pts, Nifty settles at 13,055 for first time; Axis Bank leads

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Updated: November 24, 2020 4:30:29 pm

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 ended at new highs on Tuesday.

sensex, niftyDuring the second half of the calendar 2020, the Nifty 50 index moved from strength to greater strength

Share Market News Today | Sensex, Nifty, Share Prices Highlights: Domestic equity market benchmarks BSE Sensex and Nifty 50 logged their respective highs on Tuesday, taking cues from their global peers. Sensex ended 446 points or 1.01 per cent at 44,523, while the broader Nifty 50 index settled above the crucial 13,055 level for the first time ever. Index heavyweights such as HDFC Bank, ICICI Bank, Reliance Industries Ltd, Axis Bank and ITC contributed the most to the indices’ gain today. On the flip side, Housing Development Finance Corporation (HDFC), Titan Company, Nestle India, Bharti Airtel, ONGC and Bajaj Finance were among index drags. All the Nifty sectoral indices traded in the green, led by Nifty Bank index, up 2.46 per cent.

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Highlights

    16:26 (IST)24 Nov 2020
    Nifty closes above 13,000 for first time in history; here's what experts make of today's trading

    Domestic equity benchmarks once again shatters record and soared to set new all-time highs. S&P BSE Sensex closed at 44,523 points while the 50-stock NSE Nifty closed at 13,055, their highest ever closing levels. Among top Sensex gainers were Axis Bank, Mahindra & Mahindra, HDFC Bank, and ITC. Dragging the index were HDFC, Titan, Nestle India, and Bharti Airtel. Broader markets were seen inching higher along with the benchmarks. BSE Smallcap and BSE Midcap indices closed with gains but underperformed Sensex.

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    15:42 (IST)24 Nov 2020
    Sensex, Nifty end at fresh highs

    Sensex ended 446 points or 1.01 per cent at 44,523, while the broader Nifty 50 index settled above the crucial 13,055 level for the first time ever.

    15:25 (IST)24 Nov 2020
    PSU Defence stocks: BEL, HAL in for as much as 28% rally on Atmanirbhar Bharat push

    India is the third-largest military spender globally, and it is the second-largest defence importer. According to research and brokerage firm Equirus, India’s defence expenditure has grown at a 9 per cent CAGR in the last decade. “The Government of India (GoI) has formulated several measures over the years to curb defence imports, but has failed to successfully implement them,” the research firm said.

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    14:56 (IST)24 Nov 2020
    Markets are at an all-time high: Risk to rewards appear promising for long term investors

    Indian economy is recovering well. Credit growth also has started picking up. Electricity consumption, PMI, GST collections, and Eway bill data has been quite encouraging. With the road map for vaccination clearing, the economy will be back to full steam in 2021. The prospects ahead look quite encouraging as demand across sectors has started to look promising. The reset has had challenges, but it has also brought forth good opportunities, and corporates across the country are gearing to cash on them. So, even though markets are at an all-time high, but the risk to rewards still appear promising for the patient long term investors: B Gopkumar, MD & CEO, Axis Securities

    14:46 (IST)24 Nov 2020
    Buy Page Industries stock

    The weekly chart of PAGEIND which depicts that the stock has confirmed a breakout from falling line and that too above 200 Week’s SMA. In addition; the stock has turned from weekly Ichimoku support which adds further conviction for possible upside. Thus traders can buy the stock with given trade setup: Anand Rathi Financial Services

    14:09 (IST)24 Nov 2020
    Strong flow from FIIs helps Nifty move past the 13k mark

    Strong flow from FIIs helps Nifty move past the 13k mark, the journey of the last 1000 points in just 14 trading sessions. A bit of concern comes from India Volatility Index that has moved past 21 now and no immediate major event. Remain Long till Nifty holds 12700 marks expect fresh unmoved on close above 13100 marks towards 13350 marks. We have seen a slight decline in roll cost on the back of MSCI adjustment early fresh series. Thus, all in all, concerns remain only with VIX that has seen a sharp uptick without any foreseeable major event in the near term. Participants believe the recent rally led by MSCI flows however, it has been across EMs and not just India. Dollar Index will be something to watch out for further aggression on flows from foreign participants. Sectors that led to BUYING recently: Metals, Banking, Financials, and Auto as we saw IT, Pharma and FMCG taking a back seat: Bhavin Mehta, VP – Derivatives Strategist, Dolat Capital

    13:56 (IST)24 Nov 2020
    Nifty rallies over 11% so far in November

    Nifty rallied more than 11% for month of November, Put writer are aggressive on 12800-12900 strike indicates that base is shifting higher, We expect if Nifty continues to trade above 12950 level then it may scale up further towards 13100-13200 ahead of November series expiry this week, however if Nifty breaks below 12950 then some profit booking we can witness which could drag Nifty towards 12800-12740 in the near term. The overall trend is positive so buy on dips would be our preferred strategy: Rajesh Palviya, Head Technical & Derivatives, Axis Securities

    13:55 (IST)24 Nov 2020
    Dividend stocks with high yields getting attractive amid low interest rates; check popular stocks

    Dividend yield stocks are looking to become more attractive as liquidity rises and real interest rates decline. Domestic brokerage and research firm ICICI Direct said that in the past, dividend stocks performed well during sustained periods of low real yields. The brokerage firm’s observation of rolling one-year returns indicates that bulk of the outperformance of Nifty Dividend Opportunities 50 index was between financial year 2010 and 2012 period when real yields remained negative persistently.

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    13:50 (IST)24 Nov 2020
    Indian real estate sector has witnessed one of the toughest years

    The Indian real estate sector has witnessed one of the toughest years. Sales and other activities came to a total halt for a few months. Given this situation, prices remained static and in some pockets of India corrected due to muted demand. The measures announced by the government, interest rates at a record low, the affordability of real estate improving in the past 5 years has made an investment in real estate lucrative. The expectation of a rise of 2% in average prices for prime residential cities indicates improving sentiments: Krish Raveshia, CEO of Azlo Realty

    13:31 (IST)24 Nov 2020
    Solid results belie underlying stress for Indian financials: S&P Global

    Forbearance is masking problem assets for Indian banks arising from COVID-19. They and other financial institutions will likely have trouble maintaining momentum after the proportion of nonperforming loans (NPL) to total loans declined consistently so far in 2020. "While financial institutions performed better than we expected in the second quarter, much of this is due to the six-month loan moratorium, as well as a Supreme Court ruling barring banks from classifying any borrower as a nonperforming asset," said S&P Global Ratings credit analyst Deepali Seth-Chhabria.

    13:23 (IST)24 Nov 2020
    India has to be a key partner in engaging China from position of strength: Antony Blinken

    India and the US face a common challenge in the form of an “increasingly assertive” China and New Delhi has to be a key partner in engaging with Beijing from a position of strength, believes long-time national security and foreign policy expert Antony Blinken, who could be President-elect Joe Biden’s probable pick for the post of the Secretary of State.

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    13:01 (IST)24 Nov 2020
    NSE declares Karvy Stock Broking as defaulter, expels from membership

    The National Stock Exchange (NSE) has declared Karvy Stock Broking as a defaulter for non-compliance with the regulatory provisions of the bourse. In addition, Karvy Stock Broking has been expelled from the membership of the exchange, the NSE said in a circular.The move effective from November 23, was taken as the broker failed to comply with NSE guidelines, it added.Under the guidelines, stock brokers are required to fulfill their obligations and should not involve in any misconduct, or unprofessional conduct among others.

    ~ PTI

    12:45 (IST)24 Nov 2020
    Buy Zee Entertainment Enterprises

    Revenue up 31.3% QoQ (-18.8% YoY) supported by strong growth rebound seen in Advertising segment while Subscription revenues also reported a steady growth.  EBITDA margin improved by 140bps QoQ to 18.2%. Adj. PAT (incl. provisions towards diaspora liabilities of Rs. 97cr) came in at Rs. 191cr. Company expects to see healthy growth in subscription revenue from broadcasting from Q4FY21 onwards once NTO 2.0 issues get sorted out. Steady growth in overall Subscription revenue coupled with recovery from Advertising should support topline growth in the near-term. We remain optimistic of Zee’s future growth prospects and reiterate our BUY with target price of Rs. 245 based on 14.5x adj. EPS

    ~ Geojit Financial Services

    12:28 (IST)24 Nov 2020
    BSE Smallcap index outperforms benchmark

    BSE Smallcap index was trading 0.84% higher on Tuesday, outperforming the benchmark S&P BSE Sensex. On the other hand S&P BSE Midcap index was underforming. 

    12:14 (IST)24 Nov 2020
    Any corrections in the market can be used to deploy funds at lower levels

    The overall sentiments are strong and the market outlook is positive going forward. If the foreign fund inflows continue we can see higher levels on Nifty in coming days/weeks. Nifty can possibly touch 13200-13400 levels also. But it also depends on the sustainability of the economic growth over the next few months post festive season. Hence at the current market levels it is advisable to partially book profits and sit on 15-20% Cash in the portfolio. Any corrections in the market can be used to deploy funds at lower levels: Hemang Jani, Head - Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services Ltd

    11:58 (IST)24 Nov 2020
    Positive view on Aavas Financiers on high yield book, stable asset quality, focus management

    On Monday, AU small finance bank sold 4.46%in Aavas financiers for Rs.530cr through an open market transaction. According to bulk deal data available on the BSE, AU Small Finance Bank offloaded a total of 35,00,000 shares at an average price of Rs1,515.16 per share. Nomura India Investment Fund Mother Fund, SBI Life Insurance Company Ltd bought 1.15% and 0.84% stake in Aavas Financiers Ltd for Rs.136.35cr and Rs.100cr respectively. We have a Positive view on Aavas Financiers considering high yield book, stable asset quality, and focus management. The moratorium loan proportion improved to 3.7% in end-August with collection efficiency at 95–96. Covid-19- related provision has now increased to 0.2% of total AUM. This seems sufficient as only 0.5% of loans have not paid a single EMI: Jaikishan Parmar - Sr. Equity Research Analyst, Angel Broking Ltd

    11:33 (IST)24 Nov 2020
    Nifty nears 13,050, share markets continue to log record highs; should you invest or wait?

    India’s share markets again hit fresh record highs today, with the NSE Nifty 50 breaching 13,000 level for the first time ever, on the back of favorable global cues and COVID-19 vaccine hopes. BSE Sensex scaled to a fresh high of 44,488. According to analysts, if Nifty 50 remains above the psychological level of 13,000, it may further gain 150-200 points. Also, investors must watch Nifty 50’s closing level today.

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    11:28 (IST)24 Nov 2020
    Gland Pharma shares gain 38% over issue price; neat USFDA record, strong sales to further aid growth

    Newly listed Gland Pharma’s share price has soared 38% from its issue price in less than three trading sessions. Now trading at Rs 2,076 per share up from the pharmaceutical firm’s issue price of Rs 1,500 apiece. The upward trajectory that the stock has taken was anticipated even before listing as heavy institutional buying was expected to come Gland Pharma’s way. Its unscathed regulatory compliance record, healthy sales in the US market and a strong parent in China’s Fosun Pharma is what makes Gland Pharma a hot favourite on Dalal Street.

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    11:24 (IST)24 Nov 2020
    Nifty 50 could head towards 13390-13530 levels in the coming days

    Nifty has surpassed last week's high as well as the psychological 13000 level. The rally today has been broad-based, led by gains among auto, banking, and IT stocks. While short-term oscillators continue pointing at overbought conditions, the momentum is strongly skewed to the upside, with every minor dip being bought. With 12963 and 13000 surpassed, we could see the index heading towards 13390-13530 levels in the days ahead. On the downside, key support now lies at 12770-12730: Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS 

    11:08 (IST)24 Nov 2020
    'Back to normal' stocks trade: Energy shares on Chris Wood's radar as normalcy gets closer

    With two vaccines now claiming to be more than 94% effective the return of normalcy is closer than ever before. Earlier this year investors and analysts had been hunting the ‘new normal’ trade which included internet stocks and others that benefited from the stay-at-home trend amid a pandemic. However, now increasingly the trend is shifting towards the back to normal trade and the hunt for what stocks stand to benefit the most is on. Chris Wood, the global head (equity strategy) at Jefferies, adding to his ‘back to normal’ trade now suggests owning energy stocks.

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    11:04 (IST)24 Nov 2020
    Gold may test $1780 to $1800 per ounce levels soon

    Yesterday Gold prices closed 1.46% lower at 49,480 levels and silver closed 2.63% lower at 60,525 levels on the back of recovery in global equity market and development on the front of corona virus vaccine. Gold ETF holding is also falling more than a million ounce in this month. In international market Gold is trading at its 4 months low level at $1824 per ounce and silver is trading at $23.41 per ounce. The trend of Gold and silver now become down and expectation of safe haven demand of this asset may fade out. As for today traders can go for sell in gold at Rs 49800 levels with the stop loss of Rs 50100 levels for the target of 49000 levels. They can also go for sell in Silver at Rs 61,000 levels, with the stop loss of 61800 levels and for the target of 59800 levels. Gold may test $1780 to $1800 per ounce levels soon: Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking Ltd

    10:31 (IST)24 Nov 2020
    Traders should avoid carrying long positions overnight at such overbought levels

    Markets have moved up tremendously in the last few weeks due to which majority of the stocks are in overbought territory. Even though both Nifty & Nifty Bank look strong, 13110 & 29800 should act as strong resistance levels respectively. 12745 & 28885 will act as major support levels for both Nifty & Bank Nifty in the coming days. Traders should avoid carrying long positions overnight at such overbought levels: Abhijeet Ramachandran, Independent Analyst/ Co-Founder and trainer at Tips2trade

    10:12 (IST)24 Nov 2020
    NIFTY50 has crossed its multiple bands of resistance

    NIFTY50 has crossed its multiple bands of resistance and trading higher above 13000 levels, the breakout and short covering in 13000 call strikes would extend the up move to 13,300 levels. On the downside breakdown of 12,730 would push the markets lower being the trend reversal levels in the short term: Vikas Jain, Senior Research Analyst at Reliance Securities

    10:04 (IST)24 Nov 2020
    We have good support at 12700

    We finally achieved the 13000 levels. It is heartening to see that the Nifty is maintaining above it. The markets would attempt 13100-13200 in this rally up which would be a significant resistance zone. We have good support at 12700 so any dip can be utilized to accumulate positions for a target of 13100-13200: Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

    10:04 (IST)24 Nov 2020
    Buy signal flashing; one pharma stock and one utility share may gain up to 17% in 3 months

    Brokerage firm ICICI Direct has picked two stocks that could outperform in the next three months, using its three-factor model to filter stocks. ICICI Direct picks stocks from the F&O universe, filtering them based on delivery pick up in the preceding two weeks supported by Z-score of the stock. Further the stocks are filtered based on their 30D and 60D historic volatility and finally through a filter that checks if the historical stock returns have similarity with uniform distribution patterns before picking the stocks. 

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    10:02 (IST)24 Nov 2020
    One should wait for close above the 13k mark to bet more on current rally

    If the markets are able to comprehensively move past the 13000 level, it can post some incremental gains of 150-200 points from here. However, it would be very premature to tell this as the derivative data suggests otherwise. The strike of 13000 still continues to hold maximum Call OI concentration. With the markets in uncharted territory if it sustains above 13k mark, putting exact resistance levels will be of no use but we can expect an incremental push of 150-200 points as said above. In my opinion, one should wait for "close" above the 13k mark to bet more on the current rally as the NIFTY is presently in overbought zone and is moving higher with decelerating momentum as indicated by the narrowing slope of the Histogram: Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst, Gemstone Equity Research & Advisory Services

    09:57 (IST)24 Nov 2020
    Rupee technical outlook

    Rupee has crucial support near 73.80 levels and the resistance for the rupee shall be around 74.50 levels. If the pair breaks 73.80, it can move near 73.20-73.50 levels. On the other side, buying pressure can take pair towards 74.30-74.50 levels. As the pair has remained resilient, for the immediate exposures, it is advisable to sell on upticks close to 74.50, and for buying one can buy near 73.80-74.00 or hedge via at the money call option to keep the downside open: Amit Pabari, managing director, CR Forex Advisors

    09:56 (IST)24 Nov 2020
    Global trend doesn’t seem in sync with the rupee off late

    Despite the risk-on mode, reaction of Asian currencies remained muted to negative; possibly due to slight pick-up in the dollar index given by decline in EUR from 1.19 highs. However, global trend doesn’t seem in sync with the rupee off late as the pair has been following the tune of its own music played by RBI. Witnessing the intervention by RBI against rupee appreciation, considerable profit taking and dollar buying pressure has been seen around 74.00 levels. This reassures that on an immediate basis the strength can be capped at 73.80-74.00 levels. However, one must not get complacent, as if RBI changes its stance and goes slow in absorbing the foreign inflows as it did in late August, rupee might swiftly shift to 73.50 levels. Hence until the pair remains within 73.00-75.00 broad range, a safe play would be selling on upticks between 74.50-74.80 and buying on dips between 73.00-73.50 levels: Amit Pabari, managing director, CR Forex Advisors

    09:53 (IST)24 Nov 2020
    One should remain invested with trailing stop loss below 12800

    The market is ready to swing higher. It is in uncharted territory so the higher side is logically unlimited. But from the trading perspective, one should remain invested with trailing stop loss below 12800 for expected upside till 13090-13220 levels. As markets are trading in overbought territory any new buying should be recommended on sell-off. At the current levels, buying will provide a lower risk to reward ratio: Vishal Wagh, Head of Research, Bonanza Portfolio Ltd

    09:38 (IST)24 Nov 2020
    Midcap Index appreciated 13% so far this month.

    As expected the Midcap Index has appreciated 13% so far this month. This is a global trend since the large-caps are richly valued. In the US Russel 2000 - the smallcap index- touched record highs yesterday. In India there is more room for the broader market to go up. Private banks are likely to slowdown since they have appreciated quite a bit during the last one month: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

    09:34 (IST)24 Nov 2020
    For the coming session, the support is seen at 12850 - 12800

    The way indices are behaving since the last 5-6 trading sessions, it's a sign of time-wise correction and hence, it's better not to focus more on index specific trades for a while. But still for a compulsive trader, try to buy on declines around supports and vice versa. For the coming session, the support is seen at 12850 - 12800; whereas on the higher side, 12970 - 13100 are the levels to watch out for: Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking)

    09:34 (IST)24 Nov 2020
    More room for broader markets to go up

    "As expected  the Midcap Index has appreciated 13% so far this month. This is a global trend since the large-caps are richly valued. In the US Russel 2000 - the smallcap index- touched record highs yesterday. In India there is more room for the broader market to go up. Private banks are likely to slowdown since they have appreciated quite a bit during the last one month," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

    09:32 (IST)24 Nov 2020
    Long build up in Nifty Futures

    Nifty Open Interest Put Call ratio remained constant at 1.57 level. Amongst the Nifty options (26-Nov Expiry), Call writing was seen 13000 - 13300 levels, Indicating 13000 level will act as a strong resistance going forward (near the strike price). On the lower side, support is seen around 12800 levels (near strike price) where we have maximum outstanding OI in Puts.

    To Sum It Up, Marginal long build up in the Nifty and Marginal Short build up in the Bank Nifty Futures, Indicates that one should be cautious for the markets on higher levels.

    Therefore, our advise is to be bullish and use any down move to build fresh long positions with the stoploss of 12800 levels. On the higher side resistance is seen around 13000 levels where maximum Calls have been written. In the Bank Nifty, our advice is to be bullish, if Bank Nifty trades and sustains above 29400 level with the stop loss of 29000 levels. ~ HDFC Securities

    09:32 (IST)24 Nov 2020
    A sustainable move above 13000 expected to bring sharp upside momentum back into action

    The short term trend of Nifty is range-bound with positive bias. A sustainable move above 13000 levels is expected to bring sharp upside momentum back into action, which could later pull Nifty towards 13500-13600 levels in the near term. Inability to show upside breakout of 13K mark could result in further consolidation or minor weakness from the highs. Immediate support is placed at 12800-12750: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    09:31 (IST)24 Nov 2020
    Nifty heading higher?

    "Nifty seems to be inching towards the 13200-13300 mark over the next few sessions as the street continues to get excited by vaccine news. Repeated intraday recovery from the lows comforts the traders and investors," said Deepak Jasani, Head of Retail Research, HDFC Securities. The 50-stock Nifty has breached 13,000 for the first time in history. 

    09:30 (IST)24 Nov 2020
    Nifty Bank index rises over 1%

    The trend among Nifty sectoral indices was positive today. Nifty Bank index was top gainer, up 1.26 per cent led by gains in RBL Bank, HDFC Bank, Axis Bank, Federal Bank, ICICI Bank and State Bank of India. Nifty Auto index too rose one per cent today.

    09:25 (IST)24 Nov 2020
    Bajaj-Auto, Nestle India among BSE Sensex drags

    Bajaj-Auto, Nestle India, Housing Development Finance Corporation (HDFC) and UltraTech Cement were among index drags

    09:24 (IST)24 Nov 2020
    Top index contributors

    Index heavyweights such as HDFC Bank, ICICI Bank, Axis Bank and Kotak Mahindra Bank contributed the most to the indices' gain.

    09:20 (IST)24 Nov 2020
    Sensex, Nifty make new highs

    Sensex jumped 250 points or 0.57 per cent at 44,327, while the broader Nifty 50 index crossed 13,000 level on Tuesday.

    Check live Sensex, Nifty levels

    09:09 (IST)24 Nov 2020
    Gold prices fall for the second straight day

    Gold tanked on the second day as COVID-19 vaccine developments and upbeat U.S. manufacturing data bolstered investors' hopes of a swift economic recovery. The dollar rebounded as President-elect Joe Biden looks to recommend former Fed Chair Janet Yellen as Treasury Secretary and investors welcomed this move as her experience in previous governments might help to tap the pandemic. Moreover President Donald Trump has promised to cooperate in transition hence political drama too seems to get over. On the other side, if US FDA approves emergency access to Covid-19 vaccine during 7th & 8th December meet, the US will likely to get first dose on 12th December. Huge negative for the yellow metal: Jigar Trivedi, Fundamental Research Analyst, Anand Rathi Shares and Stock Brokers

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